During this challenging real estate market, agents have been forced to make changes in the way they normally do business. Many have had to dip into reserve funds for extra advertising, promotions or giveaways, while others have agreed to the unthinkable – offering a reduction in their commission.
After this economic mayhem is over and the dust finally settles, those agents still left standing will be the one's who have remained flexible, and were willing to think outside of the box to drive new business. One such realtor is Karen Bigos of Towne Realty in New York. She took one of the most common obstacles home buyers and sellers are facing, and turned it into a positive.
One of contributors in this sluggish market, is lack of buyer confidence. In the old days, it was commonplace to place a conditional offer on a home if a buyer was trying to sell their own place, knowing that the house would sell within a reasonable length of time. Today, pessimistic buyers don't even want to bother trying to purchase a home if they don't have their own deal signed and delivered. Understandably so, it can take months for a home to sell, if they purchase a place in the meantime, they could get stuck carrying two homes. Depending on the house and the higher the price, the longer it can take to find a buyer.
Here is where the creative marketing comes into play. Ms. Bigos had two clients: a couple with a Greenwich Village condo and a family with a home in Short Hills. Both homes were in the $2 million range and were the type of residence the other was looking for. A match made in heaven! Bigos arranged viewings for both properties, the buyers were happy with what they saw, and a deal was arranged.
Recently, another Short Hills home owner looking to down size from her six-bedroom Victorian home, had heard about Ms. Bigos matchmaking skills and requested she add the option of swapping homes to her ad description.
The idea is definitely catching on all throughout the nation. Many large agencies are considering creating formal home swapping campaigns as part of their promotion. On the internet, look for sites such as OnLineHouseTrading.com or Pad4Pad.com offering online home matchmaking services. Just outside of Orlando one family had to sell their home and relocate to Atlanta due to a job change. After being listed for months, with no luck, they joined one such site and was matched with a couple who had similar needs. A few months later, they signed the contracts and switched houses.
Similar to a dating service, prospective buyers and sellers sign up, providing information about the type of home, such as price range, number of bedrooms, lot size, preferred city or neighborhood. The members browse the information looking for a suitable match.
Working out the final sales details can be a bit of a challenge since you aren't always dealing with two homes priced exactly alike. Overall, it gives sellers who may have been forced to sell below market value, another option for selling their home. Sometimes deals are made using a combination of different types of property. Once customer who had a large Tudor home worth almost $3 million was looking to downsize. He considered a match with someone who had a smaller home plus a vacation home and maybe a car thrown in.
The bottom line is, there are plenty of homes out there wanting to be sold, and plenty of buyers wanting to pay for them, they just need a little help finding each other.
Edkirkland.com has everything you need to get started in the Destin real estate market. Buyers and sellers here can search homes and compare deals for free, and get tips on entering the market. There's also a local information section with details on our featured markets, including the Santa Rosa Beach real estate area.
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